Impact of Internal Control System as a Means to Minimize and Prevent the Occurrence of Fraudulent Practices in Any Form
– Impact of Internal Control System as a Means to Minimize and Prevent the Occurrence of Fraudulent Practices in Any Form –
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INTRODUCTION
Banks occupy a critical position in a complex financial system that supplies the money and credit needs of the economy. The unique characteristic of a commercial bank is that it also creates money, and it is this particular feature of the commercial banks which distinguishes them from non-banking financial institution.
However, all take part in the process of financial intermediation whereby such intermediaries also provide considerable benefits to borrowers in so far as there may be difficulties in locating potential savers who are willing to lend appropriate amount of funds at relevant interest rate.
Banks’ ability to promote growth and development depends on the extent to which financial transactions are conducted with trust and least risk. The foundation on which banks is built is on confidence and trust, and where banks indulge in unsafe and unsound confidence, such banks may collapse.
So, for banks to achieve objectives and as well as generating overall confidence, the INTRODUCTION AND ESTABLISHMENT OF INTERNAL CONTROL must come in to promote efficient operation. Internal control system therefore serves as a sine-quanon for FRAUD PREVENTION. Internal control is a creation of management, thus, the management retains sole responsibility for the establishment and maintenance of adequate and functional internal control.
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